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Prologis/Norwegian sovereign wealth fund JV acquires UK logistics property

A joint venture between Prologis Inc. and Norway's sovereign wealth fund acquired a logistics property in Greenford, U.K., from RM Coleview 1 Ltd.

Norges Bank Investment Management paid £35.1 million for a 50% ownership stake in the property, which has a total leasable space of 20,519 square meters. The industrial real estate investment trust, which bought the remaining 50% stake, will be the asset manager.

The partnership also sold two logistics properties totaling 1,035,676 square feet in Savannah, Ga., to Ares Management Corp.'s real estate group.

Norges Bank received $31.5 million for its 45% stake in the properties.